Inland Homes Investors - INL

Inland Homes Investors - INL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Inland Homes Plc INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change Price Change % Stock Price Last Trade
-1.50 -2.59% 56.50 13:38:57
Open Price Low Price High Price Close Price Previous Close
58.00 56.50 58.00 56.50 58.00
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spud: For those that have not seen the update:Hillingdon Gardens site updateInland Homes plc, the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, is pleased to confirm that the planning application for Hillingdon Gardens at the former Master Brewer site will not be called in by the Secretary of State for Housing, Communities and Local Government.The site has been the subject of third-party requests to call in for determination by the Secretary of State but it has been decided that the application for 514 homes can be determined at a local level by the Greater London Authority. The site was approved by the Mayor of London in September 2020 and will now be subject to signing of a Section 106 agreement.The plans for Hillingdon Gardens will transform a derelict former commercial site, creating a residentially led, mixed-use neighbourhood, with a network of pedestrianised areas, landscaped public squares and extensive green spaces. The project will deliver 182 (35%) new genuinely affordable homes alongside significant contributions towards local infrastructure improvements and biodiversity.The Hillingdon Gardens scheme is part of Inland Home's asset management division. This is a high-growth arm of the Group and generates substantial service revenues with significantly reduced investment and capital consumption. The Group secures sites on behalf of investors and uses its extensive land and planning expertise to secure planning approval on their behalf. As 'capital light' activities, these schemes can generate attractive returns.The Group is currently managing six asset management projects on behalf of investors, which combined have the potential for 3,181 homes.Stephen Wicks, CEO of Inland Homes, commented:"The former Master Brewers site is a brownfield site that has been vacant for 11 years and is exactly the type of scheme where we can make a meaningful contribution to housing delivery in a sustainable way."We are pleased that the scheme has not been called in by the Secretary of State. We can now actively progress delivering the scheme, which is supportive of the Government's housebuilding agenda, delivering much needed affordable homes and revitalising a vacant site."The Hillingdon Gardens site is part of our asset management division, where we are seeing increasing demand for our experience and skill in navigating the planning system. This will be an area of primary focus in the coming year and we are excited about the opportunities in this growing area of the business."spud
p1966: from 30 Jun 2020 - 6m interim results for 31 Mar 2020 (not sure if there is anything more recent?)Recent and current forward trading...In addition, we have forward sold a hotel under construction at our development in Bournemouth for £13.3m which is expected to complete in early 2021...
spob: Exploit Inland’s hidden value ■ Significant Build to Rent sales. ■ Record land bank. Inland Homes (INL:58p), a south-east England-focused housebuilder and brownfield land developer, is trading far better than investors are giving it credit with the shares priced on a thumping 44 per cent discount to proforma European Public Real Estate Association (EPRA) NAV of £234m (103p a share). Importantly, a raft of recent deals should enable net debt of £138m to be paid down, thus unwinding the elevated equity risk premium embedded in the share price. Inland has announced two major sales to Build to Rent (BtR) funds in the past month alone including the £31.5m disposal of 123 units at its Centre Square development in High Wycombe that is scheduled to complete in March 2021. Half the consideration will be paid on completion and the balance in monthly staged payments before then, thus providing significant cash flow. Inland has also exchanged contracts on the £21.3m sale of 85 units at Buckingham House, High Wycombe to another BtR fund with completion slated in early 2022. Inland now has 415 private homes under construction and 1,302 partnership homes across 13 sites. A third of the £156m forward order book are private homes and commercial units. To put this into perspective, Inland sold 226 homes at an average of £287,000 in the 12 months to 30 September 2020, generating revenue of £65m, accounting for just under half the directors’ total revenue guidance of £135m. It's worth noting that net reservation rate per sales outlet increased sharply during the last quarter, driven by a combination of underlying demand in the marketplace and the Stamp Duty Tax holiday. The point is that Inland’s affordable private homes should continue to sell well, while at the same time the company de-risks revenue visibility even further through institutional BtR bulk sales and housing association partnerships. It’s the right strategy to pursue. Furthermore, Inland’s land bank of 11,045 plots is at a record high, of which almost 2,500 plots have planning consent, 2,800 plots are strategic land held under option at a discount to open market value, and the balance are in the planning or pre-application planning stage. This offers scope to continue to realise value from land sales, or through housebuilding activity. True, we need to wait for January’s results to ascertain the level of profitability as there are no earnings forecasts in the market. However, what’s clear to me is that as more sales are booked, and the balance sheet de-gears, then the unwarranted 44 per cent share price discount to NAV should narrow. Prior to the March stock market crash, the shares were priced on a 10 per cent discount to EPRA NAV. Interestingly, Inland’s share price appears to have completed a base formation, having traded in the 47p to 57p range since early April. A likely chart break-out opens the door to a rally towards the 80p previous resistance level. Trading at the 57.75p entry point in my 2019 Bargain Shares Portfolio, and with my standing dish first quarter seasonal housing building sector trade almost upon us (‘Alpha alert for housebuilders’, 3 January 2018), Inland shares are worth buying from both a technical and fundamental perspective. Buy.
suetballs: OMG - investors who did nothing during this pandemic are coming out from behind their sofas. Well done to everybody who stuck with it. Suet
p1966: Shanklin, I note your frustration, but I've just looked at the October 2019 trading update, which likewise did not contain profit guidance.Whilst some might consider it a 'jam tomorrow' scenario, the 2020 update nonetheless confirms that planning submissions have been submitted on 1,819 land bank plots and that a further 3,691 plots are at a pre application planning stage. Once approved, this will surely lead to a material increase in EPRA and / or trigger milestone payments from the external investors which would be recognised as profit (and also enhance EPRA by increasing cash or reducing borrowing).It would be great if Simon Thompson provided an update in due course. Good luck all and DYOR.
skinny: Announcement of two sales worth GBP52.8m. Inland Homes announces two sales worth GBP52.8m to two separate 'Build to Rent' Funds Inland Homes ("Inland Homes" "the Group" or "the Company"), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces two sales to two separate 'Build to Rent' Funds within its Centre Square and Buckingham House developments in High Wycombe. Centre Square, High Wycombe The Group has completed the unconditional sale of 123 units and amenity space via its joint venture, High Wycombe Developments Limited at its Centre Square development in High Wycombe to a well-established Real Estate Investment Manager for GBP31.5 million. The units have been purchased as a 'Build to Rent' scheme, with the accommodation to be offered for private rent. The contract is for a land and build package, with Inland Homes to complete the build by March 2021. The contract has been structured so that GBP15.75 million has been received on completion with monthly staged payments through to practical completion in early 2021. Buckingham House, High Wycombe Additionally, the Group announces the exchange of contracts for 85 units at Buckingham House, High Wycombe to a second 'Build to Rent' Fund. The land and build contract is for a maximum of GBP21.3 million. A total of 10% was payable on exchange, with the balance payable on completion, which is targeted for early 2022. The proceeds from the two sales will enable further debt reduction and provide cash flow that will be reinvested into the Group's operations. Stephen Wicks, CEO of Inland Homes comments: "We have a substantial number of sites which are suitable for rental housing and as we reported in last year's accounts, securing 'Build to Rent' opportunities has been a priority for the Group this year. "We are delighted therefore to announce these latest land sales at Centre Square and Buckingham House to two highly-respected operators in this market. "As these deals evidence and following the completion of land sales at Wilton Park and Cheshunt Lakeside, there is sustained demand from investors, housing associations and other developers for our high-quality land assets and our build expertise. "This is particularly pleasing and a testament to the Group when considered against the ongoing global COVID-19 economic uncertainty."
p1966: If INL was a contractor, I could understand the current mark down in the share price. However, some sites have a 3 year build plan, and the strategic land holdings may have a rolling 5 year view. Does the market really believe we will be suffering from COVID to the same extent in 3-5 years time?Earlier this year, I did not want to sell at 94p, as I felt the shares had further to run. What has happened since then? Master Brewer approval, c.600 plots; Fulbourne Rd (Homebase) planning to be submitted, say late 2020, c.600 plots; and the recent cavalry barracks deal for c.1,000 plots. Yes there was the dilution of the rights issue, and yes, a couple of material land sales would be welcome, but INL continues to develop relationships with housing associations, and progress its capital light model with co-investors.IMHO right now the best option is to sit tight and wait for the market to recognise INL's value. Good luck all.
cordwainer: Within today's small-cap roundup over at Master Investor.. hxxps:// Inland Homes (LON:INL) – here we go again The ambition of bosses Stephen Wickes and Nish Malde, apparently, knows no bounds. Just one week ago the duo announced that their property development group is getting involved in what could be one of the largest ‘brownfield217; sites in London. In August next year the participants in this £600m mixed-use development project could be taking vacant possession from the MOD of the 36.7 acre Cavalry Barracks in Hounslow to the west of London. Planning permissions will be sought early next year for a 1,000-home development on the site. The property developing duo have a strong history of working on such schemes, in fact it is the fifth MOD transaction by them at Inland. This is a ‘big boy’ of a development and one that could well yield to Inland Homes a significant profit – so watch this space. I remain a massive fan of Wickes and Malde, both of whom I have known and followed for two decades. The group’s shares at 53p could well be ready to start climbing back up to the 95p high level of earlier this year. (Profile 13.08.19 @ 68p set a Target Price of 110p) (Profile 24.10.19 @ 77p set a Target Price of 110p)
skyship: Simon Thompson of the Investors Chronicle covers INL quite often - it was one of the stocks in his 2019 Bargain Portfolio. He wrote this update on 23rd March during the crash: ==================================================== Inland Homes (INL:40p), a south-east England-focused housebuilder and brownfield land developer, has reported a bullish interim pre-close trading statement that is completely at odds with the share price de-rating since I updated my 2019 Bargain Shares Portfolio in early February. Current reservation rates have been resilient, there has been no major change in buying interest or visitor numbers to sites in recent weeks, and the company should achieve 65 legal completions worth £17.5m this month, in line with budgets, from its £47.2m forward order book. Analysts at Panmure Gordon only factored in 177 completions for the whole of the 2020 financial year, so the order book mitigates earnings risk, as does the fact that first-time buyers account for the majority of sales, as reflected in an average selling price of only £250,000. In any case, partnership housing is Inland’s fastest growing activity, so is more important as it provides solid cash flow of £7m a month across five sites (all open) and insulates the company from any potential slowdown in open market sales. Inland’s blue-chip client base includes several leading UK housing associations, and negotiations are ongoing regarding further partnership opportunities to meet the untapped demand for new affordable homes. Panmure expects partnership housing sales to increase from £63m to £73m this year, a forecast fully supported by a £86m divisional order book. In addition, Inland generates more than £3m of annual income through brownfield activities, including temporary modular housing business 'hugg homes' which are let to local housing authorities. The balance of Panmure’s full-year revenue estimate of £200m is derived from land sales. Interestingly, Inland’s directors point out that “a number of significant profitable land sales are expected to conclude in the near future”. It could be transformational for the battered share price as it would further de-risk Panmure Gordon’s full-year pre-tax profit and EPS forecasts of £22.7m of 8.9p, respectively. Trading 65 per cent below last reported EPRA net asset value of 113p a share, on 4.5 times forward earnings and offering a 7.8 per cent dividend yield, Inland’s share price should bounce back well above my 57p entry point when the land sales complete. Buy.
spud: Inland Homes PLC Development of the Cavalry Barracks, HounslowSource: UK Regulatory (RNS & others)TIDMINLRNS Number : 8228WInland Homes PLC21 August 202021 August 2020Inland Homes plc("Inland Homes", "Group" or "Company")Asset management division to develop the Cavalry Barracks, HounslowInland Homes plc, the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces that its asset management division has entered into agreements relating to the acquisition and development of one of the largest brownfield sites in London, the 36.7 acre Cavalry Barracks in Hounslow West London.As set out in the Company's report and accounts, a growing part of the Group's business involves procuring sites on behalf of, and providing planning and management services to, investors in the property sector. The Group typically enters into a planning and management services agreement with the investors which includes procuring the opportunity to acquire brownfield land, adding value by managing the planning process and proposing a disposal plan for the consented site. This activity enables Inland Homes to earn substantial fees with a significantly reduced investment.Using this model, the site is being acquired from the Defence Infrastructure Organisation (DIO) who manage the assets of the Ministry of Defence (MOD) with completion being subject to vacant possession and anticipated to be in August 2021. Inland Homes expects to make a planning application for a residentially led mixed use scheme of over 1,000 homes within the next six months. The Group will manage the planning and development process on behalf of the equity investors on this project and will be entitled to receive a significant share of the development profit from this high profile opportunity.The project will have an anticipated GDV in the region of GBP600m. It is currently the home of the Irish Guards who are relocating to Aldershot. The site comprises over 37 acres of land and includes 14 Grade II listed buildings and 19 locally listed buildings together with over 439 existing residential accommodation units.The entire site is allocated for a major mixed-use development via a development brief adopted by the London Borough of Hounslow.Commenting on the transaction, Inland Chief Executive said:"This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London Boroughs like Hounslow.Our asset management division now has six live projects in London which have the potential for over 2,700 homes together with employment opportunities. These are:Walthamstow 583 unitsBarking 405 unitsHillingdon 514 unitsStaines 210 unitsHounslow in excess of1,000 unitsIt is a testament to our long and successful track record in Brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate."Barney Hillsdon, Principal at Avison Young who acted on behalf of the DIO added:"This is a fantastic result for both the DIO and Inland during a very difficult time in the market. The site will deliver much needed private and affordable homes for London and will offer a diverse range of product to the market due to the retained heritage buildings on the site".spud
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